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18 Cards in this Set

  • Front
  • Back
What is a product?
An idea, a physical entity, a service, or any combination of the three.
What are services?
nonphysical products such as a haircut.
What are 4 characteristics of a service?
1. intangible
2. perishable
3. inseperable
4. variable
What are consumer products?
Those purchased by consumers for their own personal use.
What are business products?
Those purchased by a firm or organization for its own use.
What are convenience products?
Items customers do not want to spend alot of time shopping for.
What are shopping products?
Items customers are willing to spend time shopping for.
What are specialty products?
Customers both want to purchase a specific brand and are willing to look to find it.
What are capital products?
Expensive items used in business operations but do not become part of any tyoe of finished product.
What are production products?
They become part of some finished product.
What are optional products?
They are used in a firm's activities but do not become part of any type of finished product.
What is a brand?
How a firm identifies its products to distinguish them from similar products offered by competitors.
What is brand image?
The impression consumers have about the brand.
What is brand equity?
The value that the brand has in the marketplace.
What is a manufacturer/national brand?
Its sponsored by the manufacturer of the product. The manufacturer is responsible for the product's quality and marketing.
What is distributor/private/store brands?
Its sponsored by a distributor such as wholesaler or retailer.
What is co-branding?
Where two brand names are used on a product.
What is a trademark?
A brand or part of a brand that is registered with the U.S. Patent and Trademark Office. Gives the owner the right to use the brand and may even preclude other firms from using similar names or marks.